Which of these questions will help you analyze the product or service from the customer's point of

view?

Select one:

a. Can you see yourself selling this product or service for the next five to 10 years?

b. Is there a real demand for the product at the price you will have to charge?

c. Who is going to sell the product?

d. What does the product achieve, avoid or preserve for the customer?

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The correct answer is: What does the product achieve, avoid or preserve for the customer?

Question 2

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A brand is a name, term, design, symbol, or other feature that distinguishes an organization or
product from its rivals in the eyes of the customer.

Select one:

a. False

b. True

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The correct answer is: True

Question 3

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This is when a company purchases a fixed asset and expenses it over the entire period of its
planned use, not just in the year purchased

Answer:

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The correct answer is: Depreciation

Question 4

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These expenses go up or down based on the sales you make such as advertising, delivery charges
and electricity if you are manufacturing

Answer:

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 The correct answer is: Variable

Question 5

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A straightforward product design is essential.

Select one:

a. False

b. True

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The correct answer is: True

Question 6

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 Question text

There are not enough employment opportunities in the formal sector. The small business sector
has the capacity to create many jobs.

Select one:

a. Need to improve personal income

b. Love for adventure

c. Inability to secure a desirable job

d. To fulfill a life-long ambition

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The correct answer is: Inability to secure a desirable job

Question 7

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A series of steps that includes the conceptualization, design,

development and marketing of brand new or nearly branded
products or services.

Answer:

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The correct answer is: Product Development

Question 8

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Sales, gross profit and net profit are the income earned by the business.

Select one:

True

False

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The correct answer is 'True'.

Question 9

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 Conducting market research will help you identify and define marketing opportunities and
problems, and generate sales.

Select one:

True

False

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The correct answer is 'True'.

Question 10

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Retailing and wholesale is the difference between the stock at the start and end of this period

Answer:

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The correct answer is: Inventory-reporting

Question 11

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Entrepreneurs believe in their own ability to control the consequences of their endeavor by
influencing their socio-economic environment rather than leave everything to luck.

Select one:

a. Locus of control

b. Need to achieve

c. Self-confidence

d. Risk bearing

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The correct answer is: Locus of control

Question 12

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Problems with yet undefined solutions.

Select one:

a. Both of the given choices are correct

 b. Silent Needs

c. No correct answer

d. Stated Needs

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The correct answer is: Silent Needs

Question 13

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All material needed to clean and package are always available and are placed to minimize effort.

Select one:

a. True

b. False

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The correct answer is: True

Question 14

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Fixed expenses are recorded as cost of goods sold. Variable expenses are counted as operating
expenses.

Select one:

a. True

b. False

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The correct answer is: False

Question 15

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Those who sell non-competing products and which generally help your sales.

Select one:

a. Complementors
 b. Competitors

c. Influencers

d. Substitutors

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The correct answer is: Complementors

Question 16

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A first, typical or preliminary model of something, especially a

machine, from which other forms are developed or copied.

Answer:

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The correct answer is: Prototype

Question 17

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Which of these states the importance of core competencies?

Select one:

a. Indicator that resources are being used in the right places in the right amount

b. Help in the development of core products

c. Both of the given choices are correct

d. No correct answer

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The correct answer is: Both of the given choices are correct

Question 18

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In Entrepreneurship, you may become stressed. Why?

Select one:

a. You manage expansion

 b. Both of the given choices are correct

c. No correct answer

d. You manage cash flow

Feedback

The correct answer is: Both of the given choices are correct

Question 19

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Provides a snapshot of the business's assets, liabilities and

owner's equity for a given time.

Answer:

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The correct answer is: Balance Sheet

Question 20

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The act of utilizing the promotional mix

Select one:

a. Process of promotion

b. Marketing Cost

c. Distribution cost

d. Profit tiers

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The correct answer is: Process of promotion

Question 21

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Fill in the blanks.

Answer Typically, anonymous and try to reach as many members of a target market as possible
 Feedback

The correct answer is: surveys

Question 22

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Budgeting only the income statement also allows a full analysis of the effect of potential capital
expenditures on your financial picture.

Select one:

a. False

b. True

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The correct answer is: False

Question 23

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Entrepreneurs most likely have a keen sense of what type of person is needed to fulfill a position.

Select one:

a. Recruiter

b. Business Reporter

c. Sales

d. Teacher

Feedback

The correct answer is: Recruiter

Question 24

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By definition, financial projections are estimates of the future financial performance of a business.

Select one:

a. True
 b. False

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The correct answer is: True

Question 25

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Cost of goods, commissions/discounts, variable and fixed are the income earned by the business.

Select one:

True

False

Feedback

The correct answer is 'True'.

Question 26

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The costs incurred to deliver the product from the production unit to the end user. It is a broad
terminology and it includes several costs.

Select one:

a. All of the answers correct

b. Target Market

c. Marketing Cost

d. Distribution cost

Feedback

The correct answer is: Distribution cost

Question 27

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Write A if the following statement is an objective of CISD, B if not.

Learn and identify current and anticipated stress responses.

Answer:

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 The correct answer is: A

Question 28

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The first step in developing a financial management system is the creation of financial statements.

Select one:

True

False

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The correct answer is 'True'.

Question 29

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 Question text

Customer classification depending on profitability.

Select one:

a. Product Concept

b. Marketing Cost

c. Profit tiers

d. Distribution cost

Feedback

The correct answer is: Profit tiers

Question 30

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An increase in prices can cause sales to drop.

Select one:

a. False

b. True

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 The correct answer is: True

Question 31

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The total cost associated with delivering goods or services to customers.

Select one:

a. Distribution cost

b. Marketing Cost

c. Target Market

d. All of the answers correct

Feedback

The correct answer is: Marketing Cost

Question 32

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Estimates of the future financial performance of a business.

Answer:

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The correct answer is: (Financial Projections)

Question 33

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Busy packaging that explodes with colors or design elements will encourage customers.

Select one:

a. False

b. True

Feedback

The correct answer is: False

Question 34
Incorrect

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This is the total amount of state and federal income taxes paid

Answer:

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The correct answer is: Income

Question 35

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The way in which a company generates revenue and makes a

profit from company operations.

Answer:

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The correct answer is: Business Model

Question 36

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These liabilities typically consist of all bank debt or stockholder loans payable outside of the
following 12-month period.

Answer:

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The correct answer is: Long-term

Question 37

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Controlling waste is the key to efficient and profitable production.

Select one:

a. True
 b. False

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The correct answer is: True

Question 38

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People in your target market who are not currently looking for a solution.

Select one:

a. Market Segment

b. Long-term competitive advantage

c. Target market users

d. Strategic Mindset

Feedback

The correct answer is: Target market users

Question 39

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When teaching the entrepreneurial side, which one should you focus on?

Select one:

a. History to innovation

b. All of the answers are correct

c. Literature to persuasive advertising

d. Math to business

Feedback

The correct answer is: All of the answers are correct

Question 40

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Your financial statements should include an income statement, a balance sheet and a statement

Answer:
 Feedback

The correct answer is: Cash-flow

Question 41

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The first visceral connection the consumer makes with the

brand.

Answer:

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The correct answer is: Logo

Question 42

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 Question text

Are assets that you cannot touch or see but that have value. Intangible assets include franchise
rights, goodwill; no compete agreements, patents and many other items

Answer:

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The correct answer is: Intangible

Question 43

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What are things you need to know about your customers?

Select one:

a. Why they buy, when they buy, how they buy

b. Both of the given choices are correct

c. Who they are, what they do,

d. Either of the given choices are correct

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The correct answer is: Both of the given choices are correct

Question 44
Correct

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Question text

Strong reactions if not discussed and understood can interfere with work and home life during
and after the event.

Select one:

a. True

b. False

Feedback

The correct answer is: True

Question 45

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This is the gross revenue generated from the sale of clothing less returns and allowances

Answer:
 Feedback

The correct answer is: Sales

Question 46

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Question text

Things that change based on the amount of product being made

and are incurred as a direct result of producing the product.

Answer:

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The correct answer is: Variable Costs

Question 47

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 Question text

Truly think outside the box, stretch the limits, and are combinatorial in non-traditional ways.

Select one:

a. An eye for opportunity

b. Need to achieve

c. All of the answers correct

d. Opportunity Recognizers

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The correct answer is: All of the answers correct

Question 48

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Outsourcing can give short term

Select one:

a. Competitive Advantage

b. Technical Capabilities

c. Core Capabilities
 d. Core Competency

Feedback

The correct answer is: Competitive Advantage

Question 49

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Fill in the blanks.

Your target market should be measurable, sufficiently large and Answer.

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The correct answer is: reachable

Question 50

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The balance sheet provides a snapshot of the business's assets, liabilities and owner's equity for a
given time.

Select one:

True

False

Feedback

The correct answer is 'True'.

Question 51

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A low-cost vendor is your best bet.

Select one:

a. True
 b. False

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The correct answer is: False

Question 52

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What is/are the thing/s you need to know before you can sell to a potential customer?

Select one:

a. If buying from you would you offer the customer any benefits

b. All of the answers correct

c. If the customer is happy with their current supplier

d. Who the customer's current supplier is

Feedback

The correct answer is: All of the answers correct

Question 53

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A document that records a business dealing.

Answer:

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The correct answer is: Business Record

Question 54

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Question text

Fundamental in establishing the proper policies, leadership,

clear guidelines, work discipline, effective solution methods
plus the proper work culture.

Answer:

Feedback

The correct answer is: Management

Question 55

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Entrepreneurs have strong desire to achieve higher goals.

Select one:

a. All of the answers correct

b. An eye for opportunity

c. Silent needs

d. Need to achieve

Feedback

The correct answer is: Need to achieve

Question 56

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 Question text

Explicit statements from your market that declare, "I want a product to do X".

Select one:

a. Marketing Effort

b. Market Forecast

c. Stated Needs

d. Risk and rewards

Feedback

The correct answer is: Stated Needs

Question 57

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Family, friends, co-workers and those identified with the direct victims

Select one:

a. Critical Incident Stress Debriefing (CISD)

b. direct victims

c. hidden victims
 d. indirect victims

e. critical incidents

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The correct answer is: indirect victims

Question 58

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To make a product successful, you must be.

Select one:

a. Both of the given choices are correct

b. Emotionally committed to its success

c. Either of the given choices are correct

d. Personally committed to its success

Feedback

The correct answer is: Both of the given choices are correct

Question 59
Correct

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The beliefs or opinions that are generally held about someone or something.

Answer:

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The correct answer is: Reputation

Question 60

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Question text

Fill in the blanks.

A profile for a business would include such factors as

Answer
customer size, number of employees, type of products, and
annual revenue.
 Feedback

The correct answer is: demographic

Question 61

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Question text

Improve profit by disregarding the money you earn from sales.

Select one:

True

False

Feedback

The correct answer is 'False'.

Question 62

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 Question text

Add to the conversation by offering up whatever knowledge you have.

Select one:

a. Listen, do not just talk

b. Ask, do not tell

c. Be real, and have a story

d. Be interesting, and give

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The correct answer is: Be interesting, and give

Question 63

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A set of activities that a firm operating in a specific industry

performs in order to deliver a valuable product or service for
the market.

Answer:

Feedback

The correct answer is: Value Chain

Question 64

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The income statement is designed to convert the accrual basis of accounting used to prepare the
income statement and balance sheet back to a cash basis.

Select one:

True

False

Feedback

The correct answer is 'False'.

Question 65

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 A credit check will help reassure you that they will not go out of business when you need them
most.

Select one:

a. True

b. False

Feedback

The correct answer is: True

Question 66

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Separating expenses into categories will help you to calculate your costs.

Select one:

True

False

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The correct answer is 'True'.

Question 67
Correct

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A profit and loss statement shows planned and actual profit for your business.

Select one:

True

False

Feedback

The correct answer is 'True'.

Question 68

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If you know what makes them tick, you can serve them in the way they prefer.

Select one:
 a. What they think about your competitors

b. What makes them feel good about buying

c. What they think about you

d. What they expect of you

Feedback

The correct answer is: What makes them feel good about buying

Question 69

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Enables you to concentrate on and solve your target market's problems.

Select one:

a. Stated need

b. Silent need

c. No correct answer

d. Outside-in approach

Feedback

The correct answer is: Outside-in approach

Question 70

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Write A if the following statement is an objective of CISD, B if not.

Share experiences, feelings, reactions during and after a critical incidents.

Answer:

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The correct answer is: A

Question 71

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Customers understand problems, but they cannot help you to move your product forward.

Select one:

a. Focusing only on innovation and the competition.

 b. Focusing only on customers

c. All of the answers correct

d. Focusing only on revenue

Feedback

The correct answer is: Focusing only on customers

Question 72

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An entrepreneur should maintain records to meet his or her business requirements.

Select one:

a. False

b. True

Feedback

The correct answer is: True

Question 73

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There are those people in society whose ultimate goal is to go into business at some defined point
life no matter how attractive wage employment might seem.

Select one:

a. Need to improve personal income

b. Love for adventure

c. To fulfill a life-long ambition

d. Inability to secure a desirable job

Feedback

The correct answer is: To fulfill a life-long ambition

Question 74

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A good, idea, method, information, object or service created as a result of a process and serves a
need or satisfies a want.
 Select one:

a. Income

b. Branding

c. Place

d. Product

Feedback

The correct answer is: Product

Question 75

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A stock or any other security representing an ownership

interest.

Answer:

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The correct answer is: Equity

Question 76
Correct

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Which of these is a factor to consider before going into self-employment?

Select one:

a. Raw Materials

b. Legal Issues

c. All of the answers correct

d. Business Idea

Feedback

The correct answer is: All of the answers correct

Question 77

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 This is not essential, but is normally a great help in thinking through the case for a new business.

Select one:

a. A formal business plan

b. Both of the given choices are correct

c. No correct answer

d. A market research

Feedback

The correct answer is: A formal business plan

Question 78

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People who have already purchased your product.

Select one:

a. Customers

b. No correct answer

c. Existing Customers

d. Both of the given choices are correct

 Feedback

The correct answer is: Existing Customers

Question 79

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Question text

Entrepreneurs are always alert to opportunities.

Select one:

a. An eye for opportunity

b. Stability and structure

c. Opportunity Recognizers

d. Stated needs

Feedback

The correct answer is: An eye for opportunity

Question 80

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Question text

Entrepreneurs are the persons who take decisions under uncertainty and thus they are willing to
take risk, but they never gamble with the results.

Select one:

a. Locus of control

b. No correct answer

c. Need to achieve

d. Risk bearing

Feedback

The correct answer is: Risk bearing

Question 81

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 A name, term, design, symbol, or other feature that
distinguishes an organization or product from its rivals in the
eyes of the customer.

Answer:

Feedback

The correct answer is: Brand

Question 82

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Question text

Entrepreneurs must demonstrate this characteristic in order to cope with all the risks of operating
their own business.

Select one:

a. Self-confidence

b. Need to achieve

c. Locus of control

d. Risk bearing

Feedback

The correct answer is: Self-confidence

Question 83

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Question text

The most important advantage of having core competencies is having this.

Select one:

a. Choosing that product or service

b. Long-term competitive advantage

c. Core competency trunk

d. No correct answer

Feedback

The correct answer is: Long-term competitive advantage

Question 84

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 Question text

These are the assets in a business that can be converted to cash in one year or less

Answer:

Feedback

The correct answer is: Current

Question 85

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Question text

Their core competency is said to be content delivery, but they are now venturing into original
content creation too.

Select one:

a. Apple

b. Netflix

c. NEC

d. Canon

Feedback

The correct answer is: Netflix

Question 86
Incorrect

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Your skill at this is critical to your success.

Select one:

a. Target market users

b. Customer

c. Existing Customers

d. No correct answer

Feedback

The correct answer is: Customer

Question 87

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 The interaction with competitors is usually directly

Select one:

a. Hostile

b. Pleasant

c. Friendly

d. Antagonistic

Feedback

The correct answer is: Antagonistic

Question 88

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They may sell directly into the market but largely they need to be kept aligned to your strategy.

Select one:

a. Suppliers

b. Competitors

c. Major customers

d. Minor customers
 Feedback

The correct answer is: Suppliers

Question 89

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Question text

Successful entrepreneurs always have the profit margin in sight and know that their business
success is measured by profits.

Select one:

a. An eye for opportunity

b. Focus on profits

c. Opportunity Recognizers

d. Business Plan

Feedback

The correct answer is: Focus on profits

Question 90

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Fill in the blanks.

Answer The desire for status, enhanced appearance and more money are examples of this variable.

Feedback

The correct answer is: psychographic

Question 91

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Fill in the blanks.

 If you have a retail outlet, you have the means of distributing a
customer comment card or Answer.

Feedback

The correct answer is: questionnaire

Question 92

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A written report of the financial condition of a firm.

Answer:

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The correct answer is: Financial Statement

Question 93

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Question text

Designed to meet the company’s marketing objectives by

providing its customers with value.

Answer:

Feedback

The correct answer is: Marketing Strategy

Question 94

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Are assets for long-term use and include land, buildings, leasehold improvements, equipment,
machinery and vehicles

Answer:

Feedback

The correct answer is: Fixed

Question 95

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To succeed as an entrepreneur, you must develop the ability to select and offer the right products
or services to your customers.

Select one:

a. In the right market

b. In any market available

c. In a competitive market

d. All of the answers correct

Feedback

The correct answer is: In a competitive market

Question 96

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Question text

Measures all your revenue sources vs. business expenses for a

given time period.
 Answer:

Feedback

The correct answer is: Income Statement

Question 97

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Question text

Expenses do not have any impact on profits.

Select one:

True

False

Feedback

The correct answer is 'False'.

Question 98

Correct

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 Flag question

Question text

The technical equipment or machinery needed for a particular

activity or purpose.

Answer:

Feedback

The correct answer is: Apparatus

Question 99

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Question text

Without developing a core competency, a company may be highly profitable.

Select one:

a. No correct answer

b. Only for a short period

c. Long term

d. Occasionally
 Feedback

The correct answer is: Only for a short period

Question 100

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A strong relationship will only benefit the supplier.

Select one:

a. True

b. False

Feedback

The correct answer is: False